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Pastimes : The California Energy Crisis - Information & Forum
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To: Glenn Petersen who wrote (1598)6/27/2003 7:44:52 PM
From: Raymond Duray  Read Replies (1) of 1715
 
Glenn,

Re: Common sense would seem to suggest that the heat and confusion of the moment may have resulted in some panic purchasing on the part of the buyers.

The only contract whose terms I'm aware of was re-negotiated with Calpine and settled at something like $60/MWH. This seemed a bit high at the time, but I've subsequently learned that this is about the going rate today nationwide for natural gas fired generation.

I'm not familiar with the other contracts, but I'm in agreement that they were negotiated in a climate of fear and uncertainty and that probably made Gov. Davis more generous with the state's tormentors than would otherwise have been the case.

To me it is completely remarkable that the one solution that would end the entire mess hasn't been enforced. Public ownership of these rapacious utilities would be the very best solution for the sake of the public.

There is a current attempt by the citizens of Portland, OR to vote in public ownership of Portland General Electric, a division of Enron in the next election. I hope they succeed and can stabilize the system. This happened a few years ago on Long Island, where LILCO got into huge trouble with a foolish nuclear power plant scheme. After bankruptcy, the citizens of Long Island purchased the LILCO assets and have enjoyed stable and low electric rates ever since.

It has become pretty plain to me that private ownership of a critical utility such as electricity is an invitation to criminality and theft on the part of the power marketers. With a weak and ineffective regulator like the FERC, the public is not being well served by private industry in this arena.

-Ray
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